Soon after, however, the spot gains reversed, and by Saturday the price of Bitcoin had returned to levels even below the $ 60,000 mark, raising concerns about massive sell-off – those massive sell-offs that Almost always follow the launch of a major crypto product on Wall Street.
What Experts / Analysts Say Regarding Bitcoin Price Correction
Renowned independent analyst Nunya Bizniz has turned to Twitter in an attempt to analyze the current situation on the basis of past events. Recall two of the major events such as the launch of ProShares Bitcoin ETF: first, the listing of the first Bitcoin futures on the Chicago Mercantile Exchange (CME), then the moment when Coinbase (COIN) stock broke. debut on the Nasdaq stock exchange.
At each of these times, Bitcoin would rally to a new all-time high, before plunging into untenable lows.
For example, Bitcoin first hit its all-time high of $ 20,000 on December 18, 2017, when CME launched its Bitcoin Futures product. But the launch ultimately resulted in Bitcoin dropping to around $ 3,200 around twelve months later.
Quite similarly, COIN’s debut on Wall Street in April this year also saw Bitcoin hit a new all-time high around $ 65,000 a decade or so later. However, the rise was once again short-lived, bringing BTC to as low as $ 28,800.
Another analyst, Lark Davis, also shared his thoughts, saying he would not be surprised if the price of Bitcoin collapses after the launch of ProShares ETF based on previous events with CME.
Now, despite all the downtrend typically associated with high-profile Wall Street crypto quotes, some analysts are still hoping it will be different this time around. People like Todd Rosenbluth, head of ETF and mutual fund research at CFRA, and Noelle Acheson, head of market analysis at crypto trading firm Genesis, believe that Bitcoin ETF’s impressive debut this month- This would cause very little downward movement on the BTC spot. Marlet.
In all of this, however, one thing remains certain. While some experts expect collapses of several months, others expect collapses that might not be too long. So in all cases, and from all indications, a drop in prices is to be expected.
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.